Title
Resolution authorizing execution of the Zion Power Station Agreement with Constellation Energy Generation, LLC ("Constellation" f/k/a Exelon Generation Company, LLC).
Staff Summary
* Constellation Energy Generation, LLC owns the parcel Zion Nuclear Power Station, referred to as the Station Parcel.
* Constellation is no longer generating electricity at the Zion Station and will not resume generating electricity with nuclear power at the Zion Station.
* The Zion Station Parcel has suffered and continues to suffer a significant and continuing erosion of value and the Parties agree to ameliorate the impact of this increasingly diminished value on the Taxing Bodies by providing an agreed upon value for tax years 2022 through 2026.
* Each impacted taxing jurisdiction will need to approve this agreement.
* Upon the approval of this Agreement by all of the Parties, the Parties shall request that the Nineteenth Judicial Circuit Court, Lake County (the "Court"), approve this Agreement, pursuant to the terms of 35 ILCS 200/9-45, in a case that will be filed for this express purpose.
Body
RESOLUTION
WHEREAS, Constellation Energy Generation, LLC ("Constellation" f/k/a Exelon Generation Company, LLC)") owns real property located within Lake County, Illinois, the permanent index real estate tax number of which is 04-23-100-006 (the "Station Parcel"). The Station Parcel is the site of the Zion Nuclear Power Station; and
WHEREAS, a real estate tax assessment was placed on the Station Parcel for the tax year 2022; and
WHEREAS, the 2022 real estate tax assessment, involving the classification and valuation of the independent spent fuel, and spent fuel storage installation consisting of a large unitary concrete pad on which 65 individual over packs and canisters containing spent nuclear materials are stored, and a small security building, installed on the Station Parcel is the subject of controversy; and
WHEREAS, Constellation Energy Generation, LLC ("Constellation" f...
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